The US Securities and Exchange Commission (SEC) has accelerated its review of proposed Solana spot ETFs, with multiple sources indicating potential approval as early as mid-July 2025. This development follows updated filings from major asset managers and comes amid 91% approval odds tracked by prediction markets.
Regulators have requested amended S-1 forms from applicants including VanEck and Grayscale, focusing on staking mechanisms and redemption procedures. The SEC’s unusually swift timeline – promising feedback within 30 days of submission – suggests alignment with Chair Gary Gensler’s recent comments about “learning from Bitcoin ETF rollouts.”
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Solana’s Regulatory Breakthrough
Market analysts highlight three key factors driving SOL’s ETF prospects:
- 91% approval probability on Polymarket (up from 65% in May)
- Clear staking protocol documentation from applicants
- Precedent set by Bitcoin and Ethereum ETF approvals
Bloomberg’s James Seyffart notes the SEC’s request for in-kind redemption details marks critical progress, telling Blockworks: “This level of engagement typically precedes approval rather than rejection.”
Institutional Preparation
Major financial firms are positioning for the ETF launch:
| Firm | Preparation |
|---|---|
| VanEck | Secured $200M insurance for SOL custody |
| Grayscale | Converting SOL Trust to ETF structure |
| Fidelity | Testing staking through blockchain nodes |
Notably absent is BlackRock, whose CEO Larry Fink recently called Solana “an interesting proof-of-concept” during a CNBC interview.
Regulatory Timeline
The SEC’s accelerated schedule breaks from traditional ETF review patterns:
- June 12: Final S-1 amendments due
- July 1-15: Expected decision window
- July 31: Secondary deadline for delayed applications
Cryptoslate reports the Commission could approve multiple Solana ETFs simultaneously, mirroring January’s Bitcoin ETF approvals. This strategy aims to prevent any single firm from gaining first-mover advantage.
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Market Impact: Analysts predict SOL could test $300 post-approval, with CryptoQuant data showing $110M in leveraged long positions opened since June 10. The ETF greenlight would mark Solana’s formal recognition as a commodity, potentially reshaping altcoin regulation.
- ETF
- Exchange-Traded Fund – Investment vehicle tracking asset prices, traded on traditional exchanges.
- Staking
- Process of locking crypto to support network operations and earn rewards.
- In-Kind Redemptions
- ETF share creation/redemption using actual assets rather than cash.
- S-1 Form
- SEC registration document required for public security offerings.
